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Allowance for Loan Losses (Tables) | 6 Months Ended
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Jun. 30, 2019
Receivables [Abstract] |
Allowance for credit losses and recorded investments in loans | Allowance for Loan Losses Metrics
|  | Allowance for Loan Losses
|  | Three Months Ended June 30, 2019
|  | FFELP Loans |  | Private Education Loans |  | Personal Loans |  | Total
Allowance for Loan Losses |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,760 |  |  | $ | 285,946 |  |  | $ | 70,619 |  |  | $ | 358,325 |
Total provision |  | 145 |  |  | 71,296 |  |  | 21,474 |  |  | 92,915 |
Net charge-offs: |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  | (171 | ) |  | (55,382 | ) |  | (19,074 | ) |  | (74,627 | )
Recoveries |  | — |  |  | 6,108 |  |  | 1,276 |  |  | 7,384 |
Net charge-offs |  | (171 | ) |  | (49,274 | ) |  | (17,798 | ) |  | (67,243 | )
Ending Balance |  | $ | 1,734 |  |  | $ | 307,968 |  |  | $ | 74,295 |  |  | $ | 383,997 |
Allowance: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 146,403 |  |  | $ | — |  |  | $ | 146,403 |
Ending balance: collectively evaluated for impairment |  | $ | 1,734 |  |  | $ | 161,565 |  |  | $ | 74,295 |  |  | $ | 237,594 |
Loans: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,411,189 |  |  | $ | — |  |  | $ | 1,411,189 |
Ending balance: collectively evaluated for impairment |  | $ | 812,500 |  |  | $ | 20,217,658 |  |  | $ | 1,134,637 |  |  | $ | 22,164,795 |
Net charge-offs as a percentage of average loans in repayment (annualized)(1) |  | 0.11 | % |  | 1.29 | % |  | 6.20 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.21 | % |  | 1.42 | % |  | 6.55 | % |  |
Allowance as a percentage of the ending loans in repayment(1) |  | 0.28 | % |  | 2.01 | % |  | 6.55 | % |  |
Allowance coverage of net charge-offs (annualized) |  | 2.54 |  |  | 1.56 |  |  | 1.04 |  |  |
Ending total loans, gross |  | $ | 812,500 |  |  | $ | 21,628,847 |  |  | $ | 1,134,637 |  |  |
Average loans in repayment(1) |  | $ | 634,932 |  |  | $ | 15,241,574 |  |  | $ | 1,148,444 |  |  |
Ending loans in repayment(1) |  | $ | 620,292 |  |  | $ | 15,332,251 |  |  | $ | 1,134,637 |  |  |
____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
|  | Allowance for Loan Losses
|  | Three Months Ended June 30, 2018
|  | FFELP Loans |  | Private Education Loans |  | Personal Loans |  | Total
Allowance for Loan Losses |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,113 |  |  | $ | 252,103 |  |  | $ | 18,907 |  |  | $ | 272,123 |
Total provision |  | 252 |  |  | 46,264 |  |  | 16,378 |  |  | 62,894 |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (292 | ) |  | (42,270 | ) |  | (2,872 | ) |  | (45,434 | )
Recoveries |  | — |  |  | 5,598 |  |  | 96 |  |  | 5,694 |
Net charge-offs |  | (292 | ) |  | (36,672 | ) |  | (2,776 | ) |  | (39,740 | )
Ending Balance |  | $ | 1,073 |  |  | $ | 261,695 |  |  | $ | 32,509 |  |  | $ | 295,277 |
Allowance: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 113,343 |  |  | $ | — |  |  | $ | 113,343 |
Ending balance: collectively evaluated for impairment |  | $ | 1,073 |  |  | $ | 148,352 |  |  | $ | 32,509 |  |  | $ | 181,934 |
Loans: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,121,816 |  |  | $ | — |  |  | $ | 1,121,816 |
Ending balance: collectively evaluated for impairment |  | $ | 885,357 |  |  | $ | 17,566,211 |  |  | $ | 966,080 |  |  | $ | 19,417,648 |
Net charge-offs as a percentage of average loans in repayment (annualized)(1) |  | 0.17 | % |  | 1.14 | % |  | 1.36 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.12 | % |  | 1.40 | % |  | 3.37 | % |  |
Allowance as a percentage of the ending loans in repayment(1) |  | 0.16 | % |  | 2.02 | % |  | 3.37 | % |  |
Allowance coverage of net charge-offs (annualized) |  | 0.92 |  |  | 1.78 |  |  | 2.93 |  |  |
Ending total loans, gross |  | $ | 885,357 |  |  | $ | 18,688,027 |  |  | $ | 966,080 |  |  |
Average loans in repayment(1) |  | $ | 698,197 |  |  | $ | 12,909,623 |  |  | $ | 815,741 |  |  |
Ending loans in repayment(1) |  | $ | 680,802 |  |  | $ | 12,979,523 |  |  | $ | 966,080 |  |  |
____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
|  | Allowance for Loan Losses
|  | Six Months Ended June 30, 2019
|  | FFELP Loans |  | Private Education Loans |  | Personal Loans |  | Total
Allowance for Loan Losses |  |  |  |  |  |  |  |
Beginning balance |  | $ | 977 |  |  | $ | 277,943 |  |  | $ | 62,201 |  |  | $ | 341,121 |
Total provision |  | 1,162 |  |  | 113,179 |  |  | 44,234 |  |  | 158,575 |
Net charge-offs: |  |  |  |  |  |  |  |  |
Charge-offs |  | (405 | ) |  | (94,959 | ) |  | (34,325 | ) |  | (129,689 | )
Recoveries |  | — |  |  | 11,805 |  |  | 2,185 |  |  | 13,990 |
Net charge-offs |  | (405 | ) |  | (83,154 | ) |  | (32,140 | ) |  | (115,699 | )
Ending Balance |  | $ | 1,734 |  |  | $ | 307,968 |  |  | $ | 74,295 |  |  | $ | 383,997 |
Allowance: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 146,403 |  |  | $ | — |  |  | $ | 146,403 |
Ending balance: collectively evaluated for impairment |  | $ | 1,734 |  |  | $ | 161,565 |  |  | $ | 74,295 |  |  | $ | 237,594 |
Loans: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,411,189 |  |  | $ | — |  |  | $ | 1,411,189 |
Ending balance: collectively evaluated for impairment |  | $ | 812,500 |  |  | $ | 20,217,658 |  |  | $ | 1,134,637 |  |  | $ | 22,164,795 |
Net charge-offs as a percentage of average loans in repayment (annualized)(1) |  | 0.13 | % |  | 1.09 | % |  | 5.53 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.21 | % |  | 1.42 | % |  | 6.55 | % |  |
Allowance as a percentage of the ending loans in repayment(1) |  | 0.28 | % |  | 2.01 | % |  | 6.55 | % |  |
Allowance coverage of net charge-offs (annualized) |  | 2.14 |  |  | 1.85 |  |  | 1.16 |  |  |
Ending total loans, gross |  | $ | 812,500 |  |  | $ | 21,628,847 |  |  | $ | 1,134,637 |  |  |
Average loans in repayment(1) |  | $ | 642,693 |  |  | $ | 15,188,003 |  |  | $ | 1,161,761 |  |  |
Ending loans in repayment(1) |  | $ | 620,292 |  |  | $ | 15,332,251 |  |  | $ | 1,134,637 |  |  |
____________ (1) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
|  | Allowance for Loan Losses
|  | Six Months Ended June 30, 2018
|  | FFELP Loans |  | Private Education Loans |  | Personal Loans |  | Total
Allowance for Loan Losses |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,132 |  |  | $ | 243,715 |  |  | $ | 6,628 |  |  | $ | 251,475 |
Total provision |  | 483 |  |  | 88,134 |  |  | 29,826 |  |  | 118,443 |
Net charge-offs: |  |  |  |  |  |  |  |
Charge-offs |  | (542 | ) |  | (79,623 | ) |  | (4,072 | ) |  | (84,237 | )
Recoveries |  | — |  |  | 10,685 |  |  | 127 |  |  | 10,812 |
Net charge-offs |  | (542 | ) |  | (68,938 | ) |  | (3,945 | ) |  | (73,425 | )
Loan sales(1) |  | — |  |  | (1,216 | ) |  | — |  |  | (1,216 | )
Ending Balance |  | $ | 1,073 |  |  | $ | 261,695 |  |  | $ | 32,509 |  |  | $ | 295,277 |
Allowance: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 113,343 |  |  | $ | — |  |  | $ | 113,343 |
Ending balance: collectively evaluated for impairment |  | $ | 1,073 |  |  | $ | 148,352 |  |  | $ | 32,509 |  |  | $ | 181,934 |
Loans: |  |  |  |  |  |  |  |
Ending balance: individually evaluated for impairment |  | $ | — |  |  | $ | 1,121,816 |  |  | $ | — |  |  | $ | 1,121,816 |
Ending balance: collectively evaluated for impairment |  | $ | 885,357 |  |  | $ | 17,566,211 |  |  | $ | 966,080 |  |  | $ | 19,417,648 |
Net charge-offs as a percentage of average loans in repayment (annualized)(2) |  | 0.15 | % |  | 1.08 | % |  | 1.17 | % |  |
Allowance as a percentage of the ending total loan balance |  | 0.12 | % |  | 1.40 | % |  | 3.37 | % |  |
Allowance as a percentage of the ending loans in repayment(2) |  | 0.16 | % |  | 2.02 | % |  | 3.37 | % |  |
Allowance coverage of net charge-offs (annualized) |  | 0.99 |  |  | 1.90 |  |  | 4.12 |  |  |
Ending total loans, gross |  | $ | 885,357 |  |  | $ | 18,688,027 |  |  | $ | 966,080 |  |  |
Average loans in repayment(2) |  | $ | 709,010 |  |  | $ | 12,810,072 |  |  | $ | 673,552 |  |  |
Ending loans in repayment(2) |  | $ | 680,802 |  |  | $ | 12,979,523 |  |  | $ | 966,080 |  |  |
____________ (1) Represents fair value adjustments on loans sold. (2) Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
Impaired financing receivables | The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.
|  | Recorded Investment |  | Unpaid Principal Balance |  | Allowance
June 30, 2019 |  |  |  |  |  |
TDR Loans |  | $ | 1,437,986 |  |  | $ | 1,411,189 |  |  | $ | 146,403 |
December 31, 2018 |  |  |  |  |  |
TDR Loans |  | $ | 1,280,713 |  |  | $ | 1,257,856 |  |  | $ | 120,110 |
Average recorded investment and interest income recognized for troubled debt restructuring loans | Loans held for investment are summarized as follows:
|  | June 30, |  | December 31,
|  | 2019 |  | 2018
Private Education Loans: |  |  |  |
Fixed-rate |  | $ | 8,231,177 |  |  | $ | 6,759,019 |
Variable-rate |  | 13,397,670 |  |  | 13,745,446 |
Total Private Education Loans, gross |  | 21,628,847 |  |  | 20,504,465 |
Deferred origination costs and unamortized premium/(discount) |  | 73,902 |  |  | 68,321 |
Allowance for loan losses |  | (307,968 | ) |  | (277,943 | )
Total Private Education Loans, net |  | 21,394,781 |  |  | 20,294,843 |
FFELP Loans |  | 812,500 |  |  | 846,487 |
Deferred origination costs and unamortized premium/(discount) |  | 2,262 |  |  | 2,379 |
Allowance for loan losses |  | (1,734 | ) |  | (977 | )
Total FFELP Loans, net |  | 813,028 |  |  | 847,889 |
Personal Loans (fixed-rate) |  | 1,134,637 |  |  | 1,190,091 |
Deferred origination costs and unamortized premium/(discount) |  | 495 |  |  | 297 |
Allowance for loan losses |  | (74,295 | ) |  | (62,201 | )
Total Personal Loans, net |  | 1,060,837 |  |  | 1,128,187 |
Loans held for investment, net |  | $ | 23,268,646 |  |  | $ | 22,270,919 |
The average balance and the respective weighted average interest rates of loans in our portfolio are summarized as follows:
|  | Three Months Ended
|  | June 30,
|  | 2019 |  | 2018
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 21,748,247 |  |  | 9.39 | % |  | $ | 18,764,768 |  |  | 9.03 | %
FFELP Loans |  | 821,138 |  |  | 5.01 |  |  | 898,095 |  |  | 4.51 |
Personal Loans |  | 1,149,247 |  |  | 12.00 |  |  | 815,356 |  |  | 10.65 |
Total portfolio |  | $ | 23,718,632 |  |  |  |  | $ | 20,478,219 |  |  |
|  | Six Months Ended
|  | June 30,
|  | 2019 |  | 2018
|  | Average Balance |  | Weighted Average Interest Rate |  | Average Balance |  | Weighted Average Interest Rate
Private Education Loans |  | $ | 21,740,579 |  |  | 9.44 | % |  | $ | 18,712,533 |  |  | 8.93 | %
FFELP Loans |  | 829,497 |  |  | 4.98 |  |  | 908,846 |  |  | 4.38 |
Personal Loans |  | 1,162,782 |  |  | 11.90 |  |  | 672,792 |  |  | 10.65 |
Total portfolio |  | $ | 23,732,858 |  |  |  |  | $ | 20,294,171 |  |  |
The following table provides the average recorded investment and interest income recognized for our TDR loans.
|  | Three Months Ended June 30,
|  | 2019 |  | 2018
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
TDR Loans |  | $ | 1,395,756 |  |  | $ | 22,954 |  |  | $ | 1,105,042 |  |  | $ | 18,718 |
|  | Six Months Ended June 30,
|  | 2019 |  | 2018
|  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
TDR Loans |  | $ | 1,354,467 |  |  | $ | 44,520 |  |  | $ | 1,069,721 |  |  | $ | 36,565 |
Age analysis of past due loans delinquencies | The following table provides information regarding the loan status of our Private Education Loans. Loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
|  | Private Education Loans
|  | June 30, |  | December 31,
|  | 2019 |  | 2018
|  | Balance |  | % |  | Balance |  | %
Loans in-school/grace/deferment(1) |  | $ | 5,722,581 |  |  |  |  | $ | 5,260,445 |  |  |
Loans in forbearance(2) |  | 574,015 |  |  |  |  | 577,164 |  |  |
Loans in repayment and percentage of each status: |  |  |  |  |  |  |  |
Loans current |  | 14,920,746 |  |  | 97.3 | % |  | 14,289,705 |  |  | 97.4 | %
Loans delinquent 31-60 days(3) |  | 222,448 |  |  | 1.5 |  |  | 231,216 |  |  | 1.6 |
Loans delinquent 61-90 days(3) |  | 123,473 |  |  | 0.8 |  |  | 95,105 |  |  | 0.7 |
Loans delinquent greater than 90 days(3) |  | 65,584 |  |  | 0.4 |  |  | 50,830 |  |  | 0.3 |
Total Private Education Loans in repayment |  | 15,332,251 |  |  | 100.0 | % |  | 14,666,856 |  |  | 100.0 | %
Total Private Education Loans, gross |  | 21,628,847 |  |  |  |  | 20,504,465 |  |  |
Private Education Loans deferred origination costs and unamortized premium/(discount) |  | 73,902 |  |  |  |  | 68,321 |  |  |
Total Private Education Loans |  | 21,702,749 |  |  |  |  | 20,572,786 |  |  |
Private Education Loans allowance for losses |  | (307,968 | ) |  |  |  | (277,943 | ) |  |
Private Education Loans, net |  | $ | 21,394,781 |  |  |  |  | $ | 20,294,843 |  |  |
Percentage of Private Education Loans in repayment |  |  |  | 70.9 | % |  |  |  | 71.5 | %
Delinquencies as a percentage of Private Education Loans in repayment |  |  |  | 2.7 | % |  |  |  | 2.6 | %
Loans in forbearance as a percentage of Private Education Loans in repayment and forbearance |  |  |  | 3.6 | % |  |  |  | 3.8 | %
_______
(1) | Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2) | Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due. The following table provides information regarding the loan status and aging of TDR loans.
|  | June 30, |  | December 31,
|  | 2019 |  | 2018
|  | Balance |  | % |  | Balance |  | %
TDR loans in in-school/grace/deferment(1) |  | $ | 76,393 |  |  |  |  | $ | 69,212 |  |  |
TDR loans in forbearance(2) |  | 84,991 |  |  |  |  | 69,796 |  |  |
TDR loans in repayment(3) and percentage of each status: |  |  |  |  |  |  |  |
Loans current |  | 1,114,734 |  |  | 89.2 | % |  | 994,411 |  |  | 88.9 | %
Loans delinquent 31-60 days(4) |  | 60,656 |  |  | 4.9 |  |  | 63,074 |  |  | 5.6 |
Loans delinquent 61-90 days(4) |  | 46,771 |  |  | 3.7 |  |  | 36,804 |  |  | 3.3 |
Loans delinquent greater than 90 days(4) |  | 27,644 |  |  | 2.2 |  |  | 24,559 |  |  | 2.2 |
Total TDR loans in repayment |  | 1,249,805 |  |  | 100.0 | % |  | 1,118,848 |  |  | 100.0 | %
Total TDR loans, gross |  | $ | 1,411,189 |  |  |  |  | $ | 1,257,856 |  |  |
_____
(1) | Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
(2) | Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3) | Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period.
(4) The period of delinquency is based on the number of days scheduled payments are contractually past due.
Modified loans accounts for troubled debt restructuring | The following table provides the amount of modified loans (which include forbearance and reductions in interest rates) that became TDRs in the periods presented. Additionally, for the periods presented, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the relevant period presented and within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure.
|  | Three Months Ended June 30, 2019 |  | Three Months Ended June 30, 2018
|  | Modified Loans(1) |  | Charge-offs |  | Payment- Default |  | Modified Loans(1) |  | Charge-offs |  | Payment- Default
TDR Loans |  | $ | 131,273 |  |  | $ | 17,076 |  |  | $ | 30,309 |  |  | $ | 116,478 |  |  | $ | 12,764 |  |  | $ | 18,254 |
|  | Six Months Ended June 30, 2019 |  | Six Months Ended June 30, 2018
|  | Modified Loans(1) |  | Charge-offs |  | Payment- Default |  | Modified Loans(1) |  | Charge-offs |  | Payment- Default
TDR Loans |  | $ | 242,481 |  |  | $ | 33,081 |  |  | $ | 55,755 |  |  | $ | 200,652 |  |  | $ | 28,224 |  |  | $ | 47,988 |
_____ (1) Represents the principal balance of loans that have been modified during the period and resulted in a TDR.
Private education loan portfolio stratified by key credit quality indicators | The following table highlights the gross principal balance of our Private Education Loan portfolio stratified by key credit quality indicators.
|  | Private Education Loans
|  | Credit Quality Indicators
|  | June 30, 2019 |  | December 31, 2018
Credit Quality Indicators: |  | Balance(1) |  | % of Balance |  | Balance(1) |  | % of Balance
Cosigners: |  |  |  |  |  |  |  |
With cosigner |  | $ | 19,335,960 |  |  | 89 | % |  | $ | 18,378,398 |  |  | 90 | %
Without cosigner |  | 2,292,887 |  |  | 11 |  |  | 2,126,067 |  |  | 10 |
Total |  | $ | 21,628,847 |  |  | 100 | % |  | $ | 20,504,465 |  |  | 100 | %
FICO at Original Approval(2): |  |  |  |  |  |  |  |
Less than 670 |  | $ | 1,517,608 |  |  | 7 | % |  | $ | 1,409,789 |  |  | 7 | %
670-699 |  | 3,298,903 |  |  | 15 |  |  | 3,106,983 |  |  | 15 |
700-749 |  | 7,146,638 |  |  | 33 |  |  | 6,759,721 |  |  | 33 |
Greater than or equal to 750 |  | 9,665,698 |  |  | 45 |  |  | 9,227,972 |  |  | 45 |
Total |  | $ | 21,628,847 |  |  | 100 | % |  | $ | 20,504,465 |  |  | 100 | %
FICO-Refreshed(2)(3): |  |  |  |  |  |  |  |
Less than 670 |  | $ | 2,697,197 |  |  | 13 | % |  | $ | 2,416,979 |  |  | 12 | %
670-699 |  | 2,616,109 |  |  | 12 |  |  | 2,504,467 |  |  | 12 |
700-749 |  | 6,339,380 |  |  | 29 |  |  | 6,144,489 |  |  | 30 |
Greater than or equal to 750 |  | 9,976,161 |  |  | 46 |  |  | 9,438,530 |  |  | 46 |
Total |  | $ | 21,628,847 |  |  | 100 | % |  | $ | 20,504,465 |  |  | 100 | %
Seasoning(4): |  |  |  |  |  |  |  |
1-12 payments |  | $ | 5,508,604 |  |  | 26 | % |  | $ | 4,969,334 |  |  | 24 | %
13-24 payments |  | 3,527,814 |  |  | 16 |  |  | 3,481,235 |  |  | 17 |
25-36 payments |  | 2,674,655 |  |  | 12 |  |  | 2,741,954 |  |  | 13 |
37-48 payments |  | 1,993,995 |  |  | 9 |  |  | 1,990,049 |  |  | 10 |
More than 48 payments |  | 2,201,198 |  |  | 10 |  |  | 2,061,448 |  |  | 10 |
Not yet in repayment |  | 5,722,581 |  |  | 27 |  |  | 5,260,445 |  |  | 26 |
Total |  | $ | 21,628,847 |  |  | 100 | % |  | $ | 20,504,465 |  |  | 100 | %
______
(1) | Balance represents gross Private Education Loans.
(2) | Represents the higher credit score of the cosigner or the borrower.
(3) | Represents the FICO score updated as of the second-quarter 2019.
(4) Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due. The following table provides information regarding the loan status of our Personal Loans.
|  | Personal Loans
|  | June 30, |  | December 31,
|  | 2019 |  | 2018
|  | Balance |  | % |  | Balance |  | %
Loans in repayment and percentage of each status: |  |  |  |  |  |  |  |
Loans current |  | $ | 1,113,730 |  |  | 98.2 | % |  | $ | 1,172,776 |  |  | 98.5 | %
Loans delinquent 31-60 days(1) |  | 6,704 |  |  | 0.6 |  |  | 6,722 |  |  | 0.6 |
Loans delinquent 61-90 days(1) |  | 7,393 |  |  | 0.6 |  |  | 5,416 |  |  | 0.5 |
Loans delinquent greater than 90 days(1) |  | 6,810 |  |  | 0.6 |  |  | 5,177 |  |  | 0.4 |
Total Personal Loans in repayment |  | 1,134,637 |  |  | 100.0 | % |  | 1,190,091 |  |  | 100.0 | %
Total Personal Loans, gross |  | 1,134,637 |  |  |  |  | 1,190,091 |  |  |
Personal Loans deferred origination costs and unamortized premium/(discount) |  | 495 |  |  |  |  | 297 |  |  |
Total Personal Loans |  | 1,135,132 |  |  |  |  | 1,190,388 |  |  |
Personal Loans allowance for losses |  | (74,295 | ) |  |  |  | (62,201 | ) |  |
Personal Loans, net |  | $ | 1,060,837 |  |  |  |  | $ | 1,128,187 |  |  |
Delinquencies as a percentage of Personal Loans in repayment |  |  |  | 1.8 | % |  |  |  | 1.5 | %
_______ (1) The period of delinquency is based on the number of days scheduled payments are contractually past due. The following table highlights the gross principal balance of our Personal Loan portfolio stratified by key credit quality indicators.
|  | Personal Loans
|  | Credit Quality Indicators
|  | June 30, 2019 |  | December 31, 2018
Credit Quality Indicators: |  | Balance(1) |  | % of Balance |  | Balance(1) |  | % of Balance
FICO at Original Approval: |  |  |  |  |  |  |  |
Less than 670 |  | $ | 63,155 |  |  | 6 | % |  | $ | 77,702 |  |  | 7 | %
670-699 |  | 303,193 |  |  | 27 |  |  | 339,053 |  |  | 28 |
700-749 |  | 547,280 |  |  | 48 |  |  | 554,700 |  |  | 47 |
Greater than or equal to 750 |  | 221,009 |  |  | 19 |  |  | 218,636 |  |  | 18 |
Total |  | $ | 1,134,637 |  |  | 100 | % |  | $ | 1,190,091 |  |  | 100 | %
Seasoning(2): |  |  |  |  |  |  |  |
0-12 payments |  | $ | 669,391 |  |  | 59 | % |  | $ | 1,008,758 |  |  | 85 | %
13-24 payments |  | 452,428 |  |  | 40 |  |  | 181,333 |  |  | 15 |
25-36 payments |  | 12,818 |  |  | 1 |  |  | — |  |  | — |
37-48 payments |  | — |  |  | — |  |  | — |  |  | — |
More than 48 payments |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 1,134,637 |  |  | 100 | % |  | $ | 1,190,091 |  |  | 100 | %
______
(1) | Balance represents gross Personal Loans.
(2) Number of months in active repayment for which a scheduled payment was due.
Accrued interest receivable | The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due Private Education Loan portfolio for all periods presented.
|  | Private Education Loans
|  | Accrued Interest Receivable
|  | Total Interest Receivable |  | Greater Than 90 Days Past Due |  | Allowance for Uncollectible Interest
June 30, 2019 |  | $ | 1,376,715 |  |  | $ | 2,589 |  |  | $ | 5,673 |
December 31, 2018 |  | $ | 1,168,823 |  |  | $ | 1,920 |  |  | $ | 6,322 |

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